The Governor of the Bank of Jamaica, Brian Wynter, says its noteworthy that the Jamaican dollar has rebounded from the $138 to USD$1 low which had recently generated concern among some stakeholders.
The dollar opened trading Tuesday selling at $134.68 to the US.
Mr. Wynter told the PAAC this afternoon that it’s important that it be understood that the recent fluctuation in the value of the local currency is consistent with a flexible exchange rate regime.
The Central Bank Governor told PAAC Chairman, Dr. Wykeham McNeill, that the main macro-economic indicators in Jamaica are looking good.
Mr. Wynter says the Central Bank expects that inflation figures will soon become consistent with what had been projected and agreed to under the IMF deal.
In the meantime, East Rural St. Andrew MP and PAAC member, Juliet Holness, is urging the Finance Ministry to engage in a comprehensive campaign to educate business people in particular about how the flexible exchange rate regime works.
Mrs. Holness made the recommendation today after BOJ Governor, Brian Wynter, showed committee members a chart which suggested that the dollar had both appreciated and depreciated significantly in recent months.
Mrs. Holness responded to Governor Wynter.